Vivid Games has presented its annual report. The company remains focused on executing its strategy and developing Real Boxing 3.
24.04.2024
Vivid Games has presented its annual report.
The company remains focused on executing its strategy and developing Real Boxing 3.
Vivid Games has been presenting monthly earnings estimates for several years, so the figures in the report did not surprise. Annual revenues were close to PLN 21 million, and EBITDA was PLN 1.2 million. The net result was burdened by write-downs made during the financial audit and amounted to PLN -2.5 million. The company emphas the challenges it faced in the past year and the achievements that were made.
“Taking into account all external factors, I am satisfied and very grateful to the team for what we have achieved in 2023. New business partners, development of the Real Boxing 3 prototype and two smaller games: Boxing Ring and the announced Endless Runner, the maintenance of stable revenues from Real Boxing 2 after nearly a decade since its release, and the final repayment of the arrangement installments of the bonds are, in my opinion, the most important achievements of the past year” - emphasizes Piotr Gamracy, CEO of Vivid Games. “In 2023, the entire market faced a slump due to various factors. Many studios had to significantly reduce their workforce. Quite a few global launches turned out to be less successful than expected, both for players and developers. Vivid Games also had to face many adversities. We had to reorganize our production plans and budget due to, unjustified in our opinion, the NCBIR's withdrawal of funding for an ongoing technology project. Another challenge was the significant changes in the user acquisition market, which negatively affected the profitability of many campaigns. We have already worked out new scenarios, but it is becoming increasingly difficult to achieve the efficiency of a year or two ago, due to changes in distribution channel policies, among other things. However, this does not discourage us from continuing to work and develop, including in new areas. The goal for this year is to develop Real Boxing 3 and strengthen our financial stability by, among other things, expanding our portfolio with the aforementioned games. Both of these goals are consistent with our current strategy and require further development of our network of strategic partnerships” - adds the CEO.